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Redevelopment of a run-down city centre car park into a mixed-used scheme looks set to go ahead after a funder was secured for a new apartment block.

London-based Long Harbour is making its first investment in Birmingham and has also committed to operate the £55 million, 350-unit building which forms part of the 'Great Charles Square' scheme in Ludgate Hill on the edge of the Jewellery Quarter.

Known as a private rental sector (PRS) development, it is believed to be the first of its kind in Birmingham whereby a proposed PRS scheme has secured an institutional backer.

Once completed, the apartments, which will range from studios to two-bedroom units, will only be available to rent.

Sterling Property Ventures, the company behind the 103 Colmore Row and Lumina projects, is leading the development on land currently used as a city council pay and display car park.

A planning application is due to be lodged in September and the overall scheme could eventually house 270,000 sq ft of office and commercial space, a public square and 140 parking spaces in addition to the apartments.

The two-acre site, described as a "bomb site" by Sterling's managing director James Howarth, is bounded by Lionel Street and Livery Street and sits next to Snow Hill station as well as being a very short walk from the city's main business district around Colmore Row.

A detailed planning application for the apartments, 100 residents' parking spaces, 20,000 sq ft of ground floor retail and leisure space and a public square will be lodged with the council later this year.

At the same time, the development team will seek outline planning permission for the project's commercial component comprising an office development of 250,000 sq ft, small business units and 40 parking spaces.

It is anticipated that this will be funded separately.

Work is expected to start in January, with the apartments available to rent from early 2018.

Sterling Property Ventures entered into a joint venture agreement to develop the site with Birmingham City Council in June 2013.